Prices broke above the 23.6% Fibonacci expansion level at 1.2830 to challenge long-term trend line resistance set from May 2011 (now at 1.2999). A break above that would mark a major trend reversal, initially exposing 1.3129. The 1.2830 mark has been recast as near-term support, with a drop below that exposing the 1.27 figure and the 38.2% Fib at 1.2620. We continue to hold short.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE